LIC IPO: LIC’s IPO to hit the market soon, Union Cabinet approves proposal: Sources | LIC IPO get clearance from union cabinet
LIC IPO | LIC’s IPO is expected to hit the market by December. LIC’s IPO is likely to be the largest IPO in the country. The central government has set a target of raising Rs 1,75,000 crore this year through privatization of state-owned banks and institutions.
New Delhi: The privatization of Life Insurance Corporation (LIC), one of the largest government entities in the country, is now gaining momentum. It is learned that the Union Cabinet has approved the initial public offering (IPO) of LIC. It is understood that the proposal has been approved by the Cabinet Committee on Economic Affairs (CCEA). Therefore, LIC’s IPO may hit the market by December. LIC’s IPO is likely to be the largest IPO in the country. (LIC IPO get clerance from union cabinet)
10 per cent of LIC’s IPO will be reserved for policyholders. Even after the IPO enters the market, the central government will have the largest stake in LIC. However, the central government needs to make some amendments in the law before launching this IPO. The central government has set a target of raising Rs 1,75,000 crore this year through privatization of state-owned banks and institutions.
LIC has assets worth Rs 32 lakh crore
According to LIC’s annual report, LIC’s total assets stood at around Rs 32 lakh crore (9 439 billion) in the financial year 2019-20. LIC has a market share of around 69 per cent.
The tenure of the LIC chairman has been extended
Prior to the LIC IPO, the Central Government has raised the retirement age of the Chairman of the Life Insurance Corporation to 62 years. For this, the Life Insurance Corporation of India (Employees) Regulations, 1960 has been amended. LIC is expected to bring in an initial public offering (IPO) by the end of the current financial year. As per the notification issued by the government on June 30, 2021, the changes made in the rules are called Life Insurance Corporation of India (Employees) Amendment Rules. Considering the ongoing developments at the government level, LIC’s IPO is likely to be launched on time.
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(LIC IPO get clerance from union cabinet)
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